importance of brand awareness
Consumers are consistently shown different advertisements from millions of different businesses and companies which makes brand awareness one of the most essential parts of marketing.
According to TSL Marketing, successful branding yields numerous benefits such as relatable identity, customer loyalty, and overall improved image — these are important elements to achieve your business goals.
To be able to become successful in building brand awareness, you must have a firm understanding of its importance and how you can use it. Let’s discuss its importance and some of its benefits.
What is the importance of brand awareness?
In definition, brand awareness is the people’s ability to recognize and recall your business and increasing your business’s brand awareness is fairly important because it helps your brand on your audiences’ minds. Being aware and knowing your brand makes people comfortable with it and builds their trust over time.
When they are faced with a decision to purchase from you or your competitor, they are most likely to choose your products or services. It is no surprise that brand awareness sits at the top spot of the marketing funnel because it can help you increase website traffic, cultivate leads, and build attraction to your brand.
5 major benefits of brand awareness
1. Customer recognition
Building strong brand awareness means building strong customer recognition. This simply means that when a customer is purchasing a particular product they need and want or they are considering a company to perform a service they need, they immediately recognize your company and there’s a high chance that they will choose your brand over your competition.
Consumers are more likely to choose a brand they recognize and know over something that is unfamiliar to them — this goes the same even if they don’t know much about your company at the time.
2. Gives you a more competitive edge in your market
You should understand that your brand is what differentiates you in your market. When a customer is able to recognize your brand it helps increase your competitive edge in your market. The more brand awareness you build, the more recognition your brand receives — through this, you’ll find that your brand elevates and become more competitive with other popular brands.
3. Drives customers for repeat purchases
According to Harvard professor Gerald Zaltman, 95% of customers’ purchasing decisions are subconscious. By nature, people use mental shortcuts to avoid becoming overwhelmed by the number of product and services options to choose from in the market. Having an excellent brand awareness strategy will effectively narrow in your targeted audiences and therefore, encourage them to feel connected to your brand.
Keep in mind that brand awareness has the ability to affect the perception and attitudes of customers which drives brand choice that eventually leads to brand loyalty.
4. Easy introduction of new products or services in your market
When your business already has strong brand awareness and loyal customers, it would be easier and less expensive to drive a new marketing campaign to introduce new products or services in your market. It can also become easier to test your product before you decide to further invest in them by having a loyal brand following because your customers would be interested in something new that you have to offer and oftentimes, they even anticipate for them to be released in the market.
Customer loyalty builds strong brand awareness because they are attracted to brands that they find valuable. To be able to build strong brand awareness you also need to get emotionally connected to your customers — brand loyalty often lasts a lifetime.
5. Increases credibility and increase of purchase
Building strong brand awareness increases your credibility to your customers, your market, and your industry. As you build your credibility — you also build loyalty and competitiveness leading to more increase in purchase and profit. You’ll see that your brand’s credibility is directly connected to your customer’s ease of purchase decision because they want to get their products from a company they like, know, and trust.
Having a credible brand would lead to an increase in your purchase and therefore, successful business goals.
There are numerous ways to build and boost your brand’s awareness to your customers. However, keep in mind that your brand awareness strategies may vary year-to-year and a consistent brand message and image will help you place your business on top of your customers’ minds when they are faced with purchasing decisions.
For more info on how to build your brand awareness, download our Brand Identity ebook.
Are you looking for help in getting started in building strong brand awareness? Talk to one of our online branding specialists now!